1. Not planning: your budget is your spending plan. It will allow you to live within your means

2. Overspending: A full 76% of the average shopper’s spending decisions are made in store aisles, according to a 2012 study by retail marketing group POPAI. The not-a-big-deal amounts like dinners, take-out, gas, coffee, etc. that can really sneak up on your wallet.

3. Credit cards: Buying on credit encourages you to spend more than you can really afford. Studies have shown that when people pay with cash they spend less.

4. Not having long term investment for retirement: Many people are discouraged from saving for retirement because they feel their small contributions won’t make a difference.

5. Making decisions based on emotion: It’s also easy to fall into the habit of judging your spending by that of those around you or by your mood at the time.

6. Focusing on Quick financial gains: Steer clear of people who pressure you to make decisions, promise you high investment returns. Focus on making a regular investment on diversified investment strategy.

7. Not having insurance: No matter what your financial position is today, an unexpected event can see it all unravel very quickly.

8. Focusing too much on money: Your health, relationships with family and friends, career satisfaction, and fulfilling interests are more significant. Money will dictate that you work tons of hours and exhaust yourself. Money can cause stress and health problems. Live for your relationships and things that matter to you.